ShadowFall Profile picture
Jul 13, 2020 7 tweets 5 min read Read on X
ShadowFall Fund is short Boohoo (£BOO)
We believe that Iain Dale’s @LBC show from yesterday was enlightening. In particular an extended interview with @ABridgen: lbc.co.uk/radio/presente… 1/4
Mr Bridgen MP makes reference to two buildings, the Dunlop Building and the Imperial Typewriter Factory. In the former reference, we believe that he meant the Dunlop Business Centre (DBC). According to Land Registry details, the DBC is owned by JAK Property Jersey Limited. 2/4
JAK Property provides Boohoo’s headquarters, 49-51 Dale Street, Manchester, as its contact address with HM Land Registry. Further, based on filings with UK Companies House, we believe that JAK Property is associated with Jalaludin Abdulla Kamani (Perhaps the JAK reference?). 3/4
We note that Mr Bridgen references presenting evidence today to @NCA_UK. In our view, the Land Registry details where these clothing suppliers are operating is interesting as are other strands of the story. @pritipatel @JupiterAM_UK @BaillieGifford @InvescoEMEA @labourlabel 4/4 Image
Continued...
So are they suggesting that Boohoo’s auditing deteriorated after Ms Kane gave evidence to Parliament? 1/3

thisismoney.co.uk/money/markets/… Image
This sort of foggy response might pull one over £BOO’s investors but we believe the UK Environmental Audit Committee should haul Kane back in to answer more accurately. 2/3 @Dunne4Ludlow @pritipatel @ABridgen @labourlabel @TheFCA
Meanwhile over in the US, the court case for “false and deceptive practices” rumbles on.
MPs reckon they were misled in the U.K. on the suppliers. Consumers claiming they were duped in the US.
@InvescoEMEA @JupiterAM_UK must have oodles of faith. 3/3
telegraph.co.uk/business/2020/…

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More from @ShadowFallCR

Sep 30, 2021
This morning the Regulator of Social Housing @RSHEngland placed Falcon Housing Association CIC (Falcon) on its gradings under review list. Falcon is the 2nd largest tenant to Civitas Social Housing (Civitas) at c. 20% of the rent roll. ShadowFall is short Civitas. #CSH (1/4)
The announcement from the RSH follows the Regulatory Notice against Auckland Home Solutions published in early August. If Falcon were to be found non-compliant with Governance and Financial viability standards then c. 44% of rent in FY21 would be deemed non-compliant! (2/4)
Let’s not forget that we find: 1) Falcon has director overlap with Auckland, 2) The overlapping directors appear to own a property development company which has sold properties to Civitas, 3) Falcon’s accounts are unaudited and in our view, unreliable, and (3/4)
Read 4 tweets
Feb 11, 2021
ShadowFall is short Kerry Group ($KYG).
We found @theOntake note compelling, with it echoing several concerns we raised a while back. We view Kerry’s financial statements to be opaque and sometimes unreliable. Having read the latest findings, we’re more convinced of this. 1/6
To those that say this is old news, the truth is still the truth regardless of time. What we find interesting is that a fresh set of eyes has similar observations to us, with more recent information strengthening our view. 2/6
When we raised the flag on @Wirecard in 2015 then 2016, this was also largely dismissed as “nothing new”. The same occurred with subsequent reporting by @FFJ_report and @FD. Yet @Wirecard was just as much a fraud in 2015-19 as it was when it collapsed in 2020. 3/6
Read 6 tweets
Jan 14, 2021
ShadowFall is short Network International $NETW
Burkhard Ley (former Wirecard CFO): “I read through the 101-page [Zatarra] report . . . page by page. After that I knew that not a single allegation was correct.”
For us, the NETW response is reminiscent of the Ley defence. 1/6
Like dear Burkhard’s response in 2016, we believe NETW’s response doesn’t do investors justice after promising a full response. Despite saying not a single allegation was correct, Burkhard couldn’t provide one example to back up this claim. 2/6
Now from NETW “The [SF] report contains a number of factual inaccuracies”. Yet despite taking critique of the company seriously, it doesn’t provide one example to back up its claim, & instead moves from prior suggesting a “full response” to updating its FAQs. 3/6
Read 6 tweets
Jan 12, 2021
ShadowFall is short Temenos, $TEMN.
We’ve been short some time, it’s always surprised us that while the company spends significant amounts on R&D, it seems to us to be behind other technology companies on the transition to SaaS. 1/4
Whilst we’re on R&D, it’s never been clear to us where this goes. TEMN expensed USD 270m on R&D in FY19 & capitalised USD 65m. Presumably this is focused on India, since Temenos says R&D is conducted in India and its Indian employees broadly follow employees in R&D. 2/4
Further, its Indian subsidiary’s filings also say it performs development activities & 100% of its revenue is internal. But the Indian sub revenue was USD 64m with employee costs of USD 42m in FY19. We can’t help wonder where the rest is? 3/4
Read 4 tweets
Dec 23, 2020
ShadowFall is short Network International ($NETW). Report available to download from: shadowfall.com/researchservic…
Some of the Wirecard connections to NETW’s intended acquisition, DPO, are already known. However, we have found numerous links…. 1/7
Yes, DPO bought Acona from Dietmar Knöchelmann, who was subsequently convicted for money laundering & fraud. However, we also find that DPO has been audited by a former co-director to Knöchelmann. 2/7
As for DPO’s initial company secretary & Director, these are the same individuals connected to Greymountain Management, which is currently involved in an ongoing US CFTC court case regarding binary option scams.  3/7
Read 7 tweets
Nov 18, 2020
ShadowFall is short Blue Prism ($PRSM). shadowfall.com/researchservic…
We believe PRSM is being left behind by its peers in the highly competitive & commoditised RPA market. In our view, PRSM’s prospect of ever reaching meaningful profitability is low. 1/4
Meanwhile, PRSM’s key metrics appear to be worsening, such as revenue per average customer, the quality of its receivables, upsell rates, customer churn, while significant board churn and what we view as lack of appropriate independence we find also of concern. 2/4
We find consistent inconsistencies within the filings and company statements, whether it’s between the P&L & corresponding notes in the accounts, gaps in the main subsidiary filings or claims regarding its recent acquisition. 3/4
Read 4 tweets

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